NY A07872

Freezes property tax rates for homeowners aged 65 and older at the amount they paid in the year they turned 65, preventing future increases on their primary residence

Applies to single-family homes, apartments, co-ops, and condominiums owned by individuals, married couples, domestic partners, or siblings where at least one owner is 65 or older

Requires the property to be the owner's declared primary residence for personal income tax purposes to qualify for the exemption

Exemption from school taxes requires school board approval if a child attending public school resides in the home, with proof the child was not moved there primarily to attend a specific school

Exemption transfers to a surviving spouse, domestic partner, or sibling who is at least 62 years old; otherwise, new owners face standard assessment upon the original owner's death or relocation